A Beginners Guide on How To Buy Bitcoin in UAE and Dubai
Unless you’ve been living under a rock, then there’s a good chance you know all about the power of Bitcoin. Recently, a publication called the Khaleej Times printed countless articles related to the benefits of Bitcoin and the Blockchain technology, and more posts are being published every day about how to buy bitcoin in UAE and Dubai. If you were lucky enough to invest in Bitcoin when it was still new to the financial marketplace, then you may already be a millionaire today.
Of course, even if you didn’t jump straight into the Bitcoin market, that doesn’t necessarily mean that you have missed your chance of earning huge amounts of cash. If you’re prepared to learn, then you could start your journey into Bitcoin today.
What Is The Best Way Buy Bitcoin and Other Cryptocurrencies in Dubai and UAE?
There are a few different options to buy Bitcoin and other cryptocurrencies in UAE and Dubai. You can buy them directly on exchanges or through a licensed broker like IQ Option, eToro, Pepperstone etc.
As there were a lot of scams and hacker attacks on exchanges recently we suggest buying cryptocurrencies through an authorised dealer who purchases and stores your coins in a safe place. Underneath you will find a list of our personal favourite brokers to buy cryptocurrencies from:
1 Purchase Bitcoin through IQ Option
IQ Options is one of the world’s most trusted gold dealers, recently became the first company accredited by Dubai Multi Commodities Center (DMCC) to trade cryptocurrencies. What makes this way of purchase safe is their insurance protection against theft, hacker attacks and natural disasters for their market value and the additional free cold storage of your coins in the DMCC headquarters (Almas Tower in Dubai).
2 Purchase Bitcoin through eToro
eToro is an established multi asset brokerage company and award winning social trading broker based in Israel since 2007. eToro is an FCA regulated entity when operating in the UK, an Australian entity in Australia, and a Cypriot entity for international customers. eToro is considered to be a trustworthy platform as it is regulated by an established regulator while being a well-recognized startup. Its main operation is based around CFDs. CFDs are complex instruments that include leverage, so they come with a higher risk.
eToro AUS Capital Pty Ltd, ABN 66 612 791 803 AFSL 491139. CFDs are highly leveraged and risky, and may not be suitable for all investors. You may lose more than your initial investment. Trading CFDs does not result in ownership of the underlying assets. You should obtain your own advice and refer to our FSG and PDS before deciding whether to trade with us.
3 Purchase Bitcoin Through an Exchange
For individuals in Dubai, there has recently been a huge demand for Bitcoin, and the other way to invest in Bitcoin is through a exhange called BitOasis.
BitOasis is a digital currency exchange in the Middle East that allows for the sale and buy Bitcoin in Dubai. You can also use them as a digital wallet. On the their web page, you will be able to find the current price of Bitcoin. From there, you’ll need to purchase a voucher from your account, which you can trade for bitcoins.
How To Buy Bitcoins Through BitOasis
As already said you will need to get a voucher to buy Bitcoins. To get the voucher you will need to open an account with BitOasis first.
Once your account is created you should log-in, select your password and get your account verified with the 2 factor authentication software.
If you want to buy bitcoin you will need to navigate your mouse to the left buy button as sworn in the picture
On the next step you will be guided to a page where you will need to deposit funds to get your voucher
There are two different ways you can deposit money:
- with an online wire/bank transfer
- with a credit card
— BitOasis (@bitoasis) February 21, 2017
Once the payment is sent the funds will be visible on your voucher which is the door to buy bitcoin in UAE.
Once you click on the Buy Bitcoin Button you will be redirected to the purchase confirmation page which is basically a receipt for your purchase (make sure you save a screenshot of it). First of you will see a pending order sign which will hide after the transaction was successful processed.
Buying Bitcoin in Dubai and other parts of UAE is pretty much as simple as open a bank account. What makes it different is the last decision to invest your money in cryptocurrencies. What you should take into consideration before you invest money in bitcoin:
- Buying Bitcoin is simple, but buying and selling it at the right time needs some knowledge and experience.
- Most of the exchanges which offer Bitcoin buy options will charge you around 5% handling fees.
- As the blockchain system is a likely target to hacker attacks make sure you enable two factor authentication on your account a change your password from time to time.
- The two factor authentication software can be easily downloaded in the App store
How To Buy Bitcoin Through CEX
Another way to buy Bitcoin in UAE is with something called CEX.io. This is a leading exchange that has gained popularity over the years since 2013. Online reviews suggest that they are a very reliable source of digital currency.
— CryptoRadar (@Cryptoradar_com) June 20, 2017
Are You Ready to Start Investing in Bitcoin?
As you can see above, getting hold of Bitcoin for investment purposes is relatively easy, so long as you know where to go, and you have a bank or credit card to use. Bitcoin could be a great way for you to expand your investment portfolio for your retirement account as well to improve your finances. If you don’t mind taking on a little risk, then the benefits could be astronomical. We have published an article about the Bitcoin IRA investment options here.
Just make sure that before you get into a Bitcoin investment, you understand that you are taking a financial risk. Though Bitcoin is often a very successful form of currency, it’s also a volatile one that is subject to various factors.
What is Bitcoin and What Is Blockchain?</h2>
The first thing you need to know is that Bitcoin is a type of decentralized cryptocurrency that was invented back in 2008. Bitcoin runs through a technology ledger called the Blockchain, and the most important fact any investor can remember is that the supply of Bitcoin is finite. There will only ever be 21 million Bitcoins in the world, and that’s what makes the currency so valuable.
Bitcoins are developed through a unique process called mining. Transactions are verified by miners that deal with huge mathematical equations on a regular basis. While there is a host of different cryptocurrencies available today, Bitcoin remains the first and most well-known. Some other popular options include Dash, Ripple, Ethereum, and Lite coin.
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When you <strong><em>Buy Bitcoin</em></strong>, you can keep it in a wallet, that is either stored online or on a piece of paper. That wallet is a string of code that allows you to transfer your coins and use them for purchases.
What About Mining Bitcoin In UAE and Dubai?
There is also a different way to buying Bitcoin and Etheremu which is called mining.
How Does Mining Bitcoin and Ethereum Work?
It is really hard and techy to explain how mining really works. What is most important to know is that you need a computer with a special and predefined graphics card, a mining software which is downloadable from the web and some patience.
After everything is set up you need to decide either if you want to:
- mine on your own
- to join some of the already created mining pools.
The most recommendable option for beginners is to join some of the already generated mining pools which share the same goals as you do. Fact is that the more people are in the pool the stronger your computer power will be and more Bitcoins will be mined.
The process of mining bitcoin in the video overview:
Set Up a Bitcoin Wallet?
The next step when mining bitcoins is to set up a Bitcoin Wallet or to use your existing Bitcoin wallet so you will be able to receive the Bitcoin you mine. The safest option is a Bitcoin hardware wallet. After you have mined your first Bitcoins they will be sent to a specific address that is owned just by you and which will be generated by your wallet. The only thing you really need to keep in mind here is that you set up two-factor authentication after start using your walled or just use it on a computer which will not be connected to the internet.
The video version about how to set up your Bitcoin Wallet:
- 1 A Beginners Guide on How To Buy Bitcoin in UAE and Dubai
- 1.1 What About Mining Bitcoin In UAE and Dubai?